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    <td width="308" bgcolor="#00865F" class="green_block">Why a Fund of Funds</td>
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    </table><p class="style24"><img src="images/WFHedgeFunds11.gif" width="150" height="150" alt=" World Finance" longdesc="images/WFHedgeFunds11.gif" /> <br>Most Innovative Fund<br>of Funds in the World</p></td>
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                  <strong>The Investor Achieves Major Diversification<br />
                  </strong>Perhaps the single, major reason for investing in a fund of funds (FoF) is the immediate, massive diversification in terms of fund size, geography, sector, currency, risk, market cap, date/timing (in terms of investments, redemptions, NAV calculation and similar matters), etc., that a fund of funds can provide with a single investment, that is simply not possible through investment in any single fund.</p>
                    <p class="text"><strong>With a Smaller Investment<br />
                    </strong>Through a FoF, an investor can reach multiple funds, countries, sectors and companies with a much smaller investment. It would take a significant investment to duplicate the Fund's portfolio. Further, the size of this investment is growing as the Fund expands and as the minimum investments of the underlying funds increases (a growing trend in the industry).</p>
                    <p class="text"><strong>At Low Cost<br />
                    </strong>Of course, an investment in a FoF means that the investor pays an additional layer of fees: one to the FoF and another to the underlying funds in which the FoF invests.</p>
                    <p class="text">However, these additional fees are likely less than it would cost a large investor to hire management, analysts and staff to determine what funds in which to invest. This is particularly true given that the expertise required does not simply work for a salary, but also for a piece of the upside for the entire team. In addition, there are fixed corporate overhead, salaries, benefits, premises, etc., that would be incurred regardless of the team's success. An external fund provides much more flexibility in terms of liquidity, minimum investment levels (to justify the above structure, the minimum investment is much higher and must be maintained) and complete liquidation (given how long it could take and expensive it could be to shut down one's own structure) with a FoF than with one's own structure.</p>
                    <p class="text"><strong>Obtaining Greater Returns<br />
                    </strong>Smaller investors are simply not able to achieve the types of returns that the Fund is able to generate.</p>
                    <p class="text"><strong>At Better Terms<br />
                    </strong>The Fund negotiates better financial terms and timing for investments and redemptions. It has negotiated reduced load fees with its underlying funds in all cases and, in some cases, reduced them to zero. Further, the Fund often wins extra time in executing investment and redemption timing, further benefiting its shareholders.</p>
                    <p class="text"><strong>With Better Execution<br />
                    </strong>The Fund has experience working with funds and, especially, administrators, to ensure that transactions are successfully executed in a timely manner, in particular in light of redemption and dealing dates, local holidays, exact NAV calculation dates, etc. Although this may sound like a minor matter, with complex and varied local rules and ever-more-stringent KYC and AML requirements, not managing administrators and the required paperwork properly can cause major problems and, in particular, delays in effecting capital flows.</p>
                    <p class="text"><strong>While Minimizing Risk</strong><br />
                      The Fund is able to reduce macro-economic/infrastructure risk through an off-shore structure that minimizes exposure to political, banking, currency and other risks of doing business directly in emerging markets that are only indirectly related to the core investment. Duplicating this structure would be extremely time-consuming and expensive for a single investor. Also, if the investments were liquidated, shutting down the structure would also take considerable time and effort.</p>
                    <p class="text"><strong>With Increased Liquidity<br />
                    </strong>The Fund acts as another layer of liquidity, easing investments and redemptions, since it acts as a buffer between the investor and the underlying funds. Thus, for instance, there are two sources of capital than can be drawn upon for redemption, rather than just one.</p>
                    <p class="text"><strong>Based on Better Research and Information<br />
                    </strong>As a fellow fund and major investor physically located in the target region, the Fund receives much better and earlier research and information, sometimes on a confidential basis, than normal investors do. The relationship is larger, longer and more enduring than a relationship with a single investor; it is also very often accompanied by a long-term personal relationship. The underlying funds understand this and make every effort to work as closely with us as possible.</p>
                    <p class="text"><strong>By Subject-Matter Specialists<br />
                    </strong>Altima Asset Management, the management company for the Fund, is made up of specialists in the regions, countries, economies, and sectors in which its underlying funds invest. We do not invest around the world, but only in those areas with which we are very familiar.</p>
                    <p class="text"><strong>Sometimes At Special Terms</strong><br />
                      As a major investor, the Fund often gets offers from fund managers to purchase cross-holdings or tertiary market sales at beneficial terms, e.g., at the mid-point between the bid and asked prices, rather than at the asked. Such offers are not made to regular investors.</p>
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